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Thursday, May 03, 2012

Rangers' administrators have granted Bill Miller preferred bidder
status and hope the club will be in his hands by the end of the season.

The America-based businessman aims to form an
"incubator" company that would see the assets of Rangers transferred to a
new company.

Miller's initial bid was dependent on the Scottish football authorities not imposing further sanctions on the club.

But Duff & Phelps now describe the offer as "unconditional".

The Scottish Football Association and
Scottish Premier League both say they intend to hold further talks with
Miller, who made his money from a tow truck business.

Any newco club would need to request permission from the SPL board to acquire Rangers' share in the competition.

The "incubator" idea would leave an "old company"
saddled with the club's debts and aiming to deal with its creditors via a
Creditors Voluntary Arrangement [CVA].

Administrator Paul Clark explained that the two
entities would later reunite, saying he thought it was an "entirely
workable strategy".

Clark also revealed that Miller's bid was "substantially greater" than the rival offer from the Blue Knights consortium
led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy.

He added that it would provide "a stable platform" for the club and provide the best return for creditors.

Clark stressed that the bid "avoids the need for liquidation" but
did not address what would happen in the event of a failure to agree a
CVA.

Rangers are facing a 12 - month transfer embargo
pending an appeal against the SFA's decision.

UEFA also insist clubs are members of
national associations for three years before they are allowed into
European competition.

Sections of the Rangers support have voiced opposition to Miller's proposed takeover.